Sentences with phrase «income tax purposes which»

The change in the current tax law regarding MLPs could result in the MLP being treated as a corporation for federal income tax purposes which would reduce the amount of cash flows distributed by the MLP.

Not exact matches

A statutory nonemployee, which includes direct sellers and licensed real estate agents, is treated as self - employed for all federal tax purposes, including income and employment taxes.

Special rules may apply with respect to certain subsequent sales of the Shares in a disqualifying disposition, certain basis adjustments for purposes of computing the alternative minimum taxable income on a subsequent sale of the Shares and certain tax credits which may arise with respect to optionees subject to the alternative minimum tax.

If such a sale or disposition takes place in the year in which the participant exercises the option, the income recognized upon the sale or disposition of the shares will not be considered income for alternative minimum tax purposes.

Modified Adjusted Gross Income (MAGI) can qualify you for a number of credits, benefits, and exclusions, which makes it important to calculate for tax purposes.

Accordingly, notwithstanding receipt of the IRS private letter ruling and / or opinions of counsel or other external tax advisors, the IRS could determine that the distribution and certain related transactions should be treated as taxable transactions for U.S. federal income tax purposes if it determines that any of the facts, assumptions, representations, statements or undertakings that were included in the request for the IRS private letter ruling or on which any opinion was based are false or have been violated.

In all foreign countries except Canada, we operate through legal entities disregarded for U.S. income tax purposes, and are subject to income tax in both the local country and the U.S. Unremitted earnings from our Canadian subsidiary, which are intended to be permanently reinvested outside the U.S., are not material.

In all foreign countries except Canada, we operate through legal entities disregarded for U.S. income tax purposes, and are subject to income tax in both the local country and the U.S. Unremitted earnings from our Canadian subsidiary, which we intend to permanently reinvest outside the U.S., are not material.

For purposes of calculating the income tax savings we are deemed to realize under the TRAs, we will calculate the U.S. federal income tax savings using the actual applicable U.S. federal income tax rate and will calculate the state and local income tax savings using 5 % for the assumed combined state and local rate, which represents an approximation of our combined state and local income tax rate, net of federal income tax benefit.

Income which is not shown on tax returns or not yet claimed can not be used for mortgage qualification purposes.

The potential tax benefits from investing in MLPs depend on their being treated as partnerships for federal income tax purposes and, if the MLP is deemed to be a corporation, then its income would be subject to federal taxation at the entity level, reducing the amount of cash available for distribution to the fund which could result in a reduction of the fund's value.

For the purpose of evaluating Medicare tax exposure, it's important to know that «unearned» net investment income includes net rental income, dividends, taxable interest, net capital gains from the sale of investments (including second homes and rental properties), royalties, passive income from investments in which you do not actively participate (such as a partnership), and the taxable portion of nonqualified annuity payments.

U.S tax laws regulating which parent may claim a child as a dependent, and what happens if couples can't agree on who will claim the children as exemptions for income tax purposes.

Canada, in contrast, for example, treats death as a deemed sale of capital assets to the inheritors under its income tax, which makes an inheritance tax somewhat less important for revenue protection purposes.

Nixon's campaign said her true income was about $ 1 million in 2017, noting that the overall figure of $ 1.5 million does not reflect some expenses incurred by Nixon's corporation, while it does include receipts from the sales of securities which are not classified as income for tax purposes.

Upon dissolution or winding up of said corporation's affairs, whether voluntary or involuntary, all of its assets then remaining in the hands of the board of directors shall, after paying or making provision for payment of all of said corporation's liabilities, be distributed, transferred, conveyed, delivered, and paid over only to educational, scientific, literary, or charitable organizations that are exempt from federal income tax under section 501 (c)(3) of the Internal Revenue Code of 1986, as amended, and which are not private foundations within the meaning of section 509 (a) of the Internal Revenue Code of 1986, as amended, on whatever terms and conditions and in whatever amounts the board of directors may determine, for use exclusively for educational, scientific, literary, or charitable purposes, except that no distribution shall be made to organizations testing for public safety.

Crossover: The point at which the partnership goes from showing losses for tax purposes to showing income.

Respected Sir, I want to know, how many days takes processing for sanctioned Shishu Mudra Loan after submitting all the documents which is necessary for it & Is it necessary Income Tax Return file for the purpose of new business establishment?

Modified Adjusted Gross Income (MAGI) can qualify you for a number of credits, benefits, and exclusions, which makes it important to calculate for tax purposes.

However, you will be required to repay 15 per cent of the amount by which your net income for tax purposes — including your OAS pension — exceeds $ 66,733.

Whether it is shown as a «Capital Loss» and under which section OR the loss needs to be ignored for income tax purpose?

I am a retired senior citizen having an annual income of less than 3 lakhs from interest on deposits, EPF pension etc and hence not liable to pay income tax.Of late my wife who is not employed but a senior citizen got some amounts by way o f family settlements after her mother's death which she deposited in her name and the total annual of interest comes to about Rs 1.5 lakhs.According to her the income from her investments can not be clubbed Will her income be added to my income for the purpose of ascertaining my income tax liability.She has a separate pan no.earlier taken as she had rental income.

Generally, wage - loss replacement benefits payable on a periodic basis under a group sickness or accident insurance plan to which an employer has contributed are included in an employee's income for tax purposes when those benefits are received.

Income which is not shown on tax returns or not yet claimed can not be used for mortgage qualification purposes.

A: Indeed, the U.S. does not consider a TFSA to be any special type of account for tax sheltering purposes, so from their perspective, it's a regular investment account and the income earned would be investment income which, as a U.S. citizen, you must report to the IRS on your U.S. tax return.

Similarly, this means it's also important to recognize that while long - term capital gains falling at the lower income levels may be eligible for a 0 % tax rate, it is still income for tax purposes, not only for determining which bracket to apply, but also for state income taxes (which may not be a 0 % rate!)

«Income» for the purposes of the premium assistance tax credit and the FPL is based on modified Adjusted Gross Income (AGI), which means AGI increased by any income not reported due to the foreign earned income or housing cost assistance exclusions, any tax - exempt interest (i.e., municipal bond income), and any Social Security benefits that were otherwise excluded from iIncome» for the purposes of the premium assistance tax credit and the FPL is based on modified Adjusted Gross Income (AGI), which means AGI increased by any income not reported due to the foreign earned income or housing cost assistance exclusions, any tax - exempt interest (i.e., municipal bond income), and any Social Security benefits that were otherwise excluded from iIncome (AGI), which means AGI increased by any income not reported due to the foreign earned income or housing cost assistance exclusions, any tax - exempt interest (i.e., municipal bond income), and any Social Security benefits that were otherwise excluded from iincome not reported due to the foreign earned income or housing cost assistance exclusions, any tax - exempt interest (i.e., municipal bond income), and any Social Security benefits that were otherwise excluded from iincome or housing cost assistance exclusions, any tax - exempt interest (i.e., municipal bond income), and any Social Security benefits that were otherwise excluded from iincome), and any Social Security benefits that were otherwise excluded from incomeincome.

An unfavorable audit will likely result in some portion of the distributions being reclassified as earned income for federal income tax purposes, which results in a deficiency assessment (i.e., a tax bill), interest on those unpaid taxes, and IRS penalties.

It is also income for all other purposes as well — which means it increases Adjusted Gross Income (AGI) and can impact tax deductions (e.g., the medical expense or miscellaneous itemized deductions) or the phaseout of tax credits (from the American Opportunity Tax Credit, to the phaseout of premium assistance tax credits for health insurincome for all other purposes as well — which means it increases Adjusted Gross Income (AGI) and can impact tax deductions (e.g., the medical expense or miscellaneous itemized deductions) or the phaseout of tax credits (from the American Opportunity Tax Credit, to the phaseout of premium assistance tax credits for health insurIncome (AGI) and can impact tax deductions (e.g., the medical expense or miscellaneous itemized deductions) or the phaseout of tax credits (from the American Opportunity Tax Credit, to the phaseout of premium assistance tax credits for health insuranctax deductions (e.g., the medical expense or miscellaneous itemized deductions) or the phaseout of tax credits (from the American Opportunity Tax Credit, to the phaseout of premium assistance tax credits for health insuranctax credits (from the American Opportunity Tax Credit, to the phaseout of premium assistance tax credits for health insurancTax Credit, to the phaseout of premium assistance tax credits for health insuranctax credits for health insurance).

Neither option is easy and, in many cases, comes down to choosing the best time for the transition which, for tax purposes, will likely be after retirement when your annual income drops.

The higher tax rate in 2005 compared with 2006 was primarily due to the accrual of regulatory penalties, which are not deductible for purposes of calculating the Company's Federal income taxes.

Thrift Savings Plan payments are taxable as ordinary income for Federal income tax purposes for the year in which they are disbursed.

Act Sept. 1, 1954, § 201 (b), increased the limitation on self - employment income subject to tax, for taxable years ending after 1954, from $ 3,600 to $ 4,200 and included as «wages», for purposes of computing «self - employment income,» remuneration of United States citizens employed by a foreign subsidiary of a domestic corporation which has agreed to have the Social Security insurance system extended to service performed by such citizens.

Early withdrawal are calculated in another very non-advantageous way using the «last in first out» (LIFO) method which means that income taxes are realized on any early withdrawals until all earnings have been covered (for tax purposes) and the balance is a non-taxable return of premiums paid.

A transfer of units of the Fund to the Corporation for shares of the Corporation will be a disposition for Canadian income tax purposes, which may result in a capital gain or loss to unitholders who hold their units outside of registered plans.

In addition, the definition of principal residence in section 54 contains detailed rules (in paragraph c. 1) that prohibits a trust (which is considered to be an individual for income tax purposes pursuant to the rule in subsection 104 (2) of the Act) from considering a property as its principal residence unless very specific conditions are met.

For REITs, dividend distributions for tax purposes are allocated to ordinary income, capital gains and return of capital, each of which may be taxed at a different rate.

In the year of disposition the adjustment will be a subtraction for gain attributable to installment payments to be made in future taxable years provided that (i) the gain arises from an installment sale for which federal law does not permit the dealer to elect installment reporting of income, and (ii) the dealer elects installment treatment of the income for Virginia purposes on or before the due date prescribed by law for filing the taxpayer's income tax return.

The deduction is not allowed for any portion of premiums for which you have been reimbursed, have claimed a deduction for federal income tax purposes, have claimed another Virginia income tax deduction or subtraction, or have claimed a federal income tax credit or any Virginia income tax credit.

For the foregoing purposes, the fund is treated as having distributed any amount on which it is subject to income tax for any taxable year ending in such calendar year and certain amounts with respect to which estimated taxes are paid in such calendar year.

For the foregoing purposes, a fund is treated as having distributed any amount on which it is subject to income tax for any taxable year ending in such calendar year and certain amounts with respect to which estimated taxes are paid in such calendar year.

The fund distributes to shareholders at least annually any net capital gains which have been recognized for federal income tax purposes, including unrealized gains at the end of the fund's fiscal year on futures or options transactions.

For tax purposes, you need to report any business income minus business expenses to the Internal Revenue Service, but there is no rule that mandates which card you use to pay for your expenses.

The interest expense, net of tax, on the convertible notes, which is added back to net income to calculate diluted net income per share for management reporting purposes is $ 0.1 million.

The Income Tax Act specifically allows that for the purposes of determining taxable income, a person can deduct any legal and accounting fees (which the legislation collectively calls «professional fees») that are incurred in the pursuit of a claim for child or spousal suIncome Tax Act specifically allows that for the purposes of determining taxable income, a person can deduct any legal and accounting fees (which the legislation collectively calls «professional fees») that are incurred in the pursuit of a claim for child or spousal suincome, a person can deduct any legal and accounting fees (which the legislation collectively calls «professional fees») that are incurred in the pursuit of a claim for child or spousal support.

The changes included addressing passive income by removing the tax advantage for using a private corporation for investment purposes and clamping down on transforming dividend income into capital gains, which are more lightly taxed.

(6) For the purpose of subsection (5), losses from self - employment shall be determined in the same manner as losses from the business in which the person was self - employed would be determined under subsection 9 (2) of the Income Tax Act (Canada) and the Income Tax Act (Ontario), without making any deductions for,

This is good news because many payments for benefits which you might not think about are considered income for tax purposes.

You will be charged interest by the insurer on the loan which can not be deducted for income tax purposes.

If you qualify, you can receive a tax free income benefit (based on Internal Revenue Section 101 (g)-RRB-, which is an acceleration of your death benefit for tax purposes and generally not a taxable event.